FedEx: Economy Not Growing As Fast As We Thought
FedEx isn’t exactly singing an optimistic tune about the global economy’s prospects for 2012.The stock is down 4.2% at $91.80.
This morning FedEx slashed its 2012 growth projections, prompting fears to increase that the global recovery may not have as much momentum behind it as originally anticipated. FedEx forecast “below trend” economic growth in the coming months, saying it expects U.S. GDP growth to climb 2.1% in 2012, below its prior forecast of 2.2% this year.
FedEx’s revised global GDP forecast is even more drastic. The company now expects global growth to climb 2.3% this year compared to its prior forecast of 2.9%....MORE